Ch. 181                             MARVIN MANDEL, Governor                                  259

group or series of bonds, and said resolution shall adopt a suitable form of notice
of sale, which shall briefly outline said terms and conditions in accordance with the
provisions hereof. Said notice shall be published at least twice in one or more daily
or weekly newspapers having a general circulation in the County, and may also be
published in one or more journals having a circulation primarily among banks and
investment bankers. The sale of said bonds shall be held not sooner than ten (10)
days following the first publication of said notice. Said notice shall state how the
best bid will be determined. Said notice of sale shall specify the date, place and
hour at which bids for said bonds will be received and opened and the bonds
awarded. It shall also specify that each bid shall be made in writing by a sealed
proposal and shall be accompanied by a good faith deposit in a fixed or
determinable amount as security for compliance by the bidder with his bid. Said
notice shall refer to this Act as authority for the bonds and shall stale the date of
issue of the bonds offered, the total aggregate par amount thereof, the schedule of
maturities thereof, the interest payable thereon, or the method of determining the
same, the purpose to which the proceeds thereof will be devoted and the general
form thereof, including a statement whether said bonds will be redeemable, will be
in coupon or registered form, and whether the same will be registerable as to
principle, or as to both principle and interest. Each such notice of sale shall also
contain a brief summary of the current financial condition of the County or shall
indicate where such a statement may be obtained and, finally, shall reserve unto
the County the right to reject any or all bids received. In lieu of publishing said
entire notice of sale, the County may, if it shall so elect in said resolution, publish
a brief summary of said notice which need not contain all the information required
for said notice but which shall state where interested parties may obtain a complete
copy thereof.

SECTION 4. AND BE IT FURTHER ENACTED, That the proceeds from
the sale of said bonds may be applied to the payment of the first maturing interest
of said bonds.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, an irrevocable pledge of the
full faith and credit and unlimited taxing power of the County to the payment of
the maturing principal and interest of such bonds as and when the same
respectively mature. In each and every fiscal year that any of said bonds are
outstanding, the County shall levy or cause to be levied ad valorem taxes upon all
the assessable property within the corporate limits of the County in rate and
amount sufficient to provide for the payment, when due, of the interest and
principal of all said bonds maturing in each such fiscal year and in the event the
proceeds from the taxes so levied in any such fiscal year shall prove inadequate for
the above purposes, additional taxes shall be levied in the succeeding fiscal year to
make up any such deficiency. The County may apply to the payment of principal
and interest of any bonds issued hereunder any funds received by it from the State
of Maryland, the United States of America, any agency or instrumentality thereof,
or from any other source, if such funds are granted for the purpose of assisting the
County in public building construction, and to the extent of any such funds
received or receivable in any fiscal year the taxes hereby required to be levied may-
be reduced proportionately.

SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
authorized and empowered, at any time and from time to time to issue its bonds in
the manner hereinabove described for the purpose of refunding, upon purchase or
redemption, any bonds issued hereunder. The validity of any such refunding bonds
shall in no way be dependent upon or related to the validity or invalidity of the
obligations so refunded. The powers herein granted with respect to the issuance of
bonds, and also the limitations herein on such powers shall be applicable to the
issuance of refunding bonds. Said refunding bonds may be issued by the County